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6211. Contagion: An Empirical Test

Author:
Jon Wongswan
Publication Date:
09-2003
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Using the conditional Capital Asset Pricing Model (CAPM), this paper tests for the existence and pattern of contagion and capital market integration in global equity markets. Contagion is defined as significant excess conditional correlation among different countries' asset returns above what could be explained by economic fundamentals (systematic risks). Capital market integration is defined as the situation in which only systematic risks are priced. The paper uses a panel of sixteen countries, divided into three blocs: Asia, Latin America, and Germany-U.K.-U.S., for the period from 1990 through 1999. The results show evidence of contagion and capital market integration. In addition, contagion is found to be a regional phenomenon.
Topic:
International Relations, Economics, Globalization, and International Trade and Finance
Political Geography:
United States, United Kingdom, Asia, Germany, and Latin America

6212. U.S. Steel Tariffs Give Safeguards a Bad Name

Author:
Claude E. Barfield
Publication Date:
12-2003
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
President Bush's decision to revoke tariffs on imported steel products may lead the European Union to challenge other U.S. trade policies. Any such steps are likely to meet with stiff U.S. resistance, however, because the mechanism for resolving such disputes in the World Trade Organization is widely seen in the United States as lacking legitimacy.
Topic:
International Relations, Foreign Policy, Democratization, and Economics
Political Geography:
United States

6213. The Case for Being Mean

Author:
Frederick M. Hess
Publication Date:
12-2003
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Performance-based accountability promises to ensure that every student, regardless of background, masters crucial knowledge and skills. But to realize that promise, accountability needs to be coercive, that is, it must confront failure with real consequences for both educators and students.
Topic:
International Relations, Foreign Policy, Democratization, and Economics
Political Geography:
United States

6214. The Long, Hard Slog

Author:
Reuel Marc Gerecht
Publication Date:
11-2003
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Real progress has been made in the war on terror-al Qaeda no longer enjoys state-sponsorship, and Iraq is moving toward democracy. But because neither the rogue regimes nor the "holy warriors" in the region can afford to allow the United States to successfully introduce democracy into Iraq, we must expect them to ratchet up the level of violence to prevent that from happening.
Topic:
International Relations, Foreign Policy, Democratization, and Economics
Political Geography:
United States, Iraq, and Middle East

6215. What Iraqis Really Think

Author:
Karl Zinsmeister
Publication Date:
09-2003
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Until recently, U.S. policy toward Iraq has been handicapped by a lack of acknowledged support for the United States from the Iraqi people themselves. According to most news and media outlets, Iraqi public opinion toward the United States is negative, but a recent study commissioned by The American Enterprise and conducted by Zogby International, a well-known polling agency, indicates Iraqi support for a continued U.S. presence in the region.
Topic:
International Relations, Foreign Policy, Democratization, and Economics
Political Geography:
United States, Iraq, America, and Middle East

6216. Blame Sarbanes-Oxley

Author:
Peter J. Wallison
Publication Date:
09-2003
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
An array of stimulus factors has failed to generate strong growth in the U.S. economy. That may largely be a consequence of the Sarbanes-Oxley Act and the stock exchange regulations it has spawned, which have altered the composition and dynamics of corporate boards in ways that discourage risk-taking.
Topic:
International Relations, Foreign Policy, Democratization, and Economics
Political Geography:
United States

6217. A Fairer Tax Deal for All America's Companies

Author:
R. Glenn Hubbard
Publication Date:
09-2003
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Corporate tax reform, which is gaining momentum in Congress, should focus on improving the competitiveness of U.S. firms operating abroad. A key aspect of that objective is to avoid double taxation.
Topic:
International Relations, Foreign Policy, Democratization, and Economics
Political Geography:
United States

6218. Understanding the Role of the United States in the Global Economy

Author:
Kevin A. Hassett and James K. Glassman
Publication Date:
08-2003
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Critics of globalization and America's dominant economic position fail to recognize that the primary beneficiaries of globalization are developing countries, many of which run substantial trade surpluses with the United States. Far from being a predator in the world economy, America offers an invaluable market to the developing world.
Topic:
International Relations, Foreign Policy, Democratization, and Economics
Political Geography:
United States and America

6219. The High Price of Cheap Drugs

Author:
John E. Calfee
Publication Date:
07-2003
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Congress is considering whether to allow pharmaceuticals exported by American manufacturers to be reimported into the United States. Reimportation would mean importing foreign price controls, which would destroy the pricing structure of the U.S. drug market and have disastrous consequences for future drug research and development.
Topic:
International Relations, Foreign Policy, Democratization, and Economics
Political Geography:
United States and America

6220. Fighting a Global Counterinsurgency

Author:
Thomas Donnelly
Publication Date:
12-2003
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
More than two years after the September 11 attacks, the American military finds itself entrenched in a host of open-ended, low-level counterinsurgency campaigns across the Muslim world. These guerrilla conflicts have become, to no small extent, the operational reality that defines the global war on terror. But our current experience in Iraq—the central front of that broader conflict—suggests that the Pentagon still has a long way to go before it can prosecute these "small wars" with the same primacy it displayed during the "big war" this spring. Thus, if the United States is to succeed in creating a different kind of Middle East, it must create a different kind of military, redefining defense transformation to meet the strategic challenge now before us.
Topic:
Security and Foreign Policy
Political Geography:
United States, America, and Middle East